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Crescent Cotton Mills fiscal Q2 profit falls YOY

Crescent Cotton Mills Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 21 Pakistani paisa per share, a decrease of 89.7% from 2.01 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.8 million rupees, a decrease of 89.5% from 45.6 million rupees in the prior-year period.

The normalized profit margin declined to 0.6% from 3.5% in the year-earlier period.

Total revenue fell 41.9% year over year to 753.2 million rupees from 1.30 billion rupees, and total operating expenses decreased 38.4% from the prior-year period to 762.3 million rupees from 1.24 billion rupees.

Reported net income declined 96.1% on an annual basis to 2.4 million rupees, or 10 paisa per share, from 61.2 million rupees, or 2.70 rupees per share.

As of July 3, US$1 was equivalent to 101.73 Pakistani rupees.